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FollowingSafe governance controversy: There is a ten-fold difference in TVL data in the two reports
Cointelegraph and CryptoBriefing both confirmed that Greenfield Capital has filed a complaint with Swiss regulators about Safe governance issues. However, there is a tenfold difference in the dollar value of the assets in Safe accounts between the two media outlets.
Consensus Part
As an investor in Safe, Greenfield Capital has filed a complaint with the Federal Supervisory Authority of Swiss Foundations (ESA). The complaint comes after months of failed attempts to get the Safe Ecosystem Foundation to restructure its board. Greenfield, for its part, seeks to add independent board members.
One of the points of controversy is the role of board member Stefan George in Gnosis, a company whose products compete with Safe.
Data shows that during the comparison period, the total locked position (TVL) of decentralized finance (DeFi) increased by approximately 40%, while the supply of stablecoins increased by approximately 135%. Greenfield believes that despite overall growth across the industry, Safe has lost some market share relative to the broader DeFi and stablecoin markets.
Report divergence points
Comparison of the total asset value of Safe accounts year-to-date 2024:
Samadi pointed out that from January 2024 to August 2026, the total value of Safe accounts dropped from US$66 billion to US$30 billion, a drop of more than 50%, while DeFi's total lockings increased by only 40% during the same period.
- Cointelegraph reports: Safe's assets have dropped from approximately US$6.6 billion at the beginning of 2024 to approximately US$3 billion currently.
- CryptoBriefing reports: Safe's assets have dropped from approximately US$660 million at the beginning of 2024 to approximately US$3 billion currently.
How to interpret and verify
To resolve this disagreement, you need to check Greenfield Capital's open letter, the underlying data cited by Samadi, or the actual data on the balance of Safe accounts on the chain during that period.
Recommended handling:
The existence of ESA complaints and governance disputes themselves should be regarded as fait accompli. Given that the two media outlets reported the same percentage declines, but there is a ten-fold difference in absolute U.S. dollar values for Safe accounts, no specific U.S. dollar value should be cited as conclusive facts until the underlying data or Greenfield's letter has been verified.
